Comments and outlook for 07-27-2011

Today was flat and traded in a narrow range.  It hit the bottom of the expected range and traded mostly in the lower half of the range I posted.  I thought we might close slightly up, but the market sold down the last half hour.

Tomorrow looks like another flat day.  It seemed that last week the 22TD cycle was dominant, but it now appears the 34TD cycle has assumed dominance.  If true that gives a downside bias to the market the rest of the week.

The 34TD cycle is down, the 22TD cycle is up. The 11.2TD cycle is down.   The 5.6TD  cycle is up.  the 2.8TD cycle should top mid day.  The 20 week cycle is down, the 65TD cycle is up.  Overall the cycles cancel out (mostly).  But, I believe there is a slight down side bias and we trade sideways in a range of  1310-1342.

Here is the SPX:

GL traders.  Do your own analysis.